Managerial Social Capital and Dividends: Evidence from the UK
Bibliographic record
Abstract
We examine the relationship between managerial social capital (MSC) and firms’ dividend policies. For an unbalanced panel of publicly listed UK FTSE 350 firms from 2006 to 2017, we find that MSC has a negative impact on a firm’s dividend policy. Firms pay lower dividends when a higher proportion of well-connected directors join corporate boards. Our main result is consistent with the notion that a high degree of social capital leads to better monitoring and control; therefore, social capital works under the substitution effect between governance quality and dividend payouts. In further analyses, we explore potential differences in this relationship between financial and non-financial firms and show that the association between MSC and dividend policy is weaker in financial firms than in non-financial firms. Taken together, our findings infer that investors should consider the social capital status of firms when they make investment decisions. Our results proved to be robust when subjected to a battery of tests, including alternative model specifications and definitions of MSC.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.005 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.002 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.001 | 0.000 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.003 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".